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Lucid Group, Inc. (LCID) is a company specializing in the design, engineering, and manufacturing of high-performance electric vehicles (EVs) and advanced powertrain components. The company is committed to innovation in the EV industry, focusing on delivering luxury electric vehicles and cutting-edge technology. In addition to vehicle sales, Lucid engages in research and development, manufacturing, and retail expansion to support its global operations.
- Vehicle Sales - Sells high-performance electric vehicles, including the Lucid Air, with revenue recognized upon delivery to customers.
- Non-Warranty After-Sales Vehicle Services and Parts - Provides vehicle services and parts not covered under warranty.
- Powertrain Kits and Retail Merchandise - Offers advanced powertrain kits and branded retail merchandise.
- Regulatory Credits - Generates revenue through the sale of regulatory credits.
- Vehicle Operating Lease Revenue - Includes sales of vehicles with repurchase obligations, accounted for as operating leases, though this revenue is not material.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Derrick Carty Executive | Interim Leader, Digital Organization | None | Derrick Carty joined Lucid in June 2022 as VP, Platform Software and became Interim Leader of Digital in May 2024. He previously worked at Apple for over two decades. | |
Eric Bach Executive | SVP, Product & Chief Engineer | None | Eric Bach joined Lucid in 2015 and became SVP, Product & Chief Engineer in March 2021. He previously held engineering roles at Tesla and Volkswagen. | |
Gagan Dhingra Executive | Interim CFO | None | Gagan Dhingra joined Lucid in December 2021 as VP of Accounting and became Interim CFO in December 2023. He is a CPA and Chartered Accountant with over 20 years of experience. | |
Marc Winterhoff Executive | COO | None | Marc Winterhoff joined Lucid as COO in December 2023. Previously, he was a partner at Roland Berger, focusing on operational leadership for automotive manufacturers. | |
Peter Rawlinson Executive | CEO & CTO | None | Peter Rawlinson joined Lucid in 2013 as CTO and became CEO & CTO in April 2019. Previously, he was VP of Vehicle Engineering at Tesla, leading the Model S program. | View Report → |
Andrew Liveris Board | Chairman of the Board | IBM (Board Member), Saudi Aramco (Board Member), NOVONIX Limited (Board Member), WorleyParsons Limited (Board Member), Brisbane Olympics (President) | Andrew Liveris has been Chairman of Lucid's Board since April 2023. He is a former CEO of Dow Chemical and holds multiple board and advisory roles globally. | |
Chabi Nouri Board | Board Member | Mirabaud Asset Management (Co-Manager), Watches of Switzerland Group PLC (Non-Executive Director) | Chabi Nouri joined Lucid's Board in April 2023. She is the former CEO of Piaget and has extensive experience in luxury goods and innovation. | |
Janet S. Wong Board | Board Member | Enviva Inc. (Board Member), Lumentum Holdings Inc. (Board Member), Shine Technologies (Board Member) | Janet S. Wong joined Lucid's Board in July 2021. She is a retired KPMG partner with over 30 years of public accounting experience. | |
Lisa M. Lambert Board | Board Member | Vital Energy, Inc. (Board Member), UL Solutions, Inc. (Board Member), George Kaiser Family Foundation (CIO, Private Markets) | Lisa M. Lambert joined Lucid's Board in June 2024. She has extensive experience in technology and innovation, including leadership roles at Intel and National Grid. | |
Nichelle Maynard-Elliott Board | Board Member | Xerox Holdings (Board Member), Element Solutions Inc. (Board Member), Advisors’ Inner Circle Fund III (Trustee), Chiron Capital Allocation Fund Ltd (Director) | Nichelle Maynard-Elliott joined Lucid's Board in July 2021. She is a retired corporate attorney with expertise in business strategy and investments. | |
Ori Winitzer Board | Board Member | Integrated Media Company (Partner), Savvy Games Fund (Director), FootballCo (Director & Co-Chairman) | Ori Winitzer joined Lucid's Board in April 2023. He is a founding partner at Integrated Media Company and has expertise in digital media investments. | |
Turqi Alnowaiser Board | Board Member | Uber (Board Member), Hapag-Lloyd AG (Board Member), PIF (Deputy Governor) | Turqi Alnowaiser has been on Lucid's Board since April 2019 and became Chairman in April 2023. He is Deputy Governor of PIF and holds multiple board roles. |
- Can you elaborate on the working capital requirements for next year as you ramp up production of the Lucid Gravity, and how do you plan to manage these needs given your current financial resources?
- As you aim for the start of production of the Midsize vehicle in late 2026, what steps are necessary to ensure this ramp can proceed given your current financial position, and are there any milestones that need to be met to support it?
- How should we think about the impact of the Gravity's production ramp on your gross margins over the next several quarters; will it initially be a headwind before achieving greater volume, and what is your outlook for margin improvement during this period?
- With a significant portion of your engineering and powertrain teams already working on the Midsize vehicle, how are you allocating resources to balance the development of future products while ensuring the ongoing success and improvement of your current models like the Air and Gravity?
- Given that the Lucid Gravity involves substantial differences from the Air's platform, how do you anticipate this will impact production costs and economies of scale, and how will it affect your strategy for achieving cost efficiencies across your product lineup?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Government of Saudi Arabia | EV Purchase Agreement for up to 100,000 vehicles | Middle East | Accounts Receivable: 51.7% of total in 2024 , 68.5% in 2023. <br/>Revenue: $191.1 million in 2024 , $58.993 million in 2023. |
Recent press releases and 8-K filings for LCID.
- Lucid Group Inc. has reached an agreement to acquire select Arizona facilities and assets formerly owned by Nikola Corporation, including the Coolidge manufacturing facility and the Phoenix headquarters, adding over 884,000 sq ft of manufacturing and warehousing space.
- The company will also offer employment to more than 300 former Nikola employees for roles in manufacturing engineering, software, assembly, vehicle testing, and warehouse support.
- Lucid Group, Inc. closed a $1.1B convertible senior notes offering due 2030 with net proceeds of approximately $1,082.2M, structured with PIF support and using capped call hedges that increased the effective conversion price to $4.80 per share (100% premium over the last reported sale price of $2.40) .
- Lucid Group, Inc. also priced a $1B convertible senior notes offering due 2030 at 100% of principal with a 5.00% interest rate, settling on or about April 8, 2025 .
- Part of the funds from the $1.1B offering was used to repurchase about $1B of its outstanding 1.25% convertible notes due 2026 .
- The $1B offering includes an option for initial purchasers to buy an additional $100M in notes, with a conversion rate set at 333.3333 shares per $1,000 and an initial conversion price of approximately $3.00 per share .
- Offering Overview: Lucid Group plans a $1 billion convertible senior notes offering with an option for initial purchasers to buy up to an extra $100 million principal amount .
- Terms & Interest: The notes carry a 5.00% per annum interest rate, paid semi-annually, and mature on April 1, 2030 .
- Settlement & Conversion: Expected settlement is on or about April 8, 2025, with an initial conversion rate of 333.3333 shares per $1,000 .
- Use of Proceeds: Net proceeds, estimated at roughly $983.6 million (up to $1,082.2 million if fully exercised), will primarily fund the repurchase of outstanding 1.25% Convertible Senior Notes due 2026 and cover costs for capped call transactions, with additional funds for general corporate purposes .
- Hedging Strategies: The company will engage in capped call transactions and a prepaid forward transaction with Ayar—a subsidiary of Saudi Arabia’s Public Investment Fund—to support derivative hedging strategies .
- Lucid Group reported Q1 2025 production of 2,212 vehicles plus over 600 vehicles in transit for Saudi Arabia final assembly, and delivered 3,109 vehicles during the quarter.
- An earnings call to discuss Q1 2025 financial results is scheduled for May 6, 2025 at 2:30 pm PT / 5:30 pm ET, with details available via the company's investor relations website.
- Shareholders can submit and upvote questions through a partnership with Say Technologies ahead of the call.
- Lucid produced 2,212 vehicles, including over 600 in transit for assembly in Saudi Arabia, and delivered a total of 3,109 vehicles in Q1 2025
- Preliminary Q1 2025 financial estimates indicate revenue in the range of $232,000 to $236,000 (in thousands) and total liquidity of approximately $5.7 billion, combining cash, credit facilities, and investment in a related party
- Update disclosed via Form 8-K filed on April 2, 2025, ensuring Regulation FD disclosures
- Earnings call scheduled for May 6, 2025 at 2:30 pm PT / 5:30 pm ET with a Q&A session to engage shareholders
- Lucid Group, Inc. plans to offer $1,000,000,000 aggregate principal amount of convertible senior notes due 2030, with an option for an additional $100,000,000, in a private offering to qualified institutional buyers.
- The notes, which accrue interest semi-annually, can be converted into Lucid’s Class A common stock and include specific conditions for redemption and conversion.
- Net proceeds are expected to be used to repurchase a portion of the outstanding 1.25% Convertible Senior Notes due 2026, fund capped call transactions, and support general corporate purposes.